Financing Constraints and Workplace Safety
研究发现融资约束会降低企业对工作场所安全的投入，导致工伤率上升，进而损害企业价值。
ABSTRACT We present evidence that financing frictions adversely impact investment in workplace safety, with implications for worker welfare and firm value. Using several identification strategies, we find that injury rates increase with leverage and negative cash flow shocks, and decrease with positive cash flow shocks. We show that firm value decreases substantially with injury rates. Our findings suggest that investment in worker safety is an economically important margin on which firms respond to financing constraints.